Sales Beat

172-174 Montague Street Sells for $12 Million

A 2-story retail property in Brooklyn Heights netted $12 million in a recent sale, it was announced Monday.

174 Montague 400x266 172 174 Montague Street Sells for $12 Million

172-174 Montague Street

The 8,150-square-foot property on 172-174 Montague Street, which hosts a Hallmark Store and Eamonn’s Restaurant, was sold by a private investor who had recently relocated from Brooklyn to Arizona. The identity of the buyer, a developer, was not immediately disclosed.

Eamonn’s was scheduled to close on June 17, according to the Brooklyn Daily Eagle

Lynda Blumberg and David Davidson, both of Besen & Associates, handled the sale of the property.
The building is situated in the C5-2/DB zoning designation, which offers air rights of up to 60,000 square feet.

“He [the seller] has been trying to sell this for a very long time,” Ms. Blumberg told The Commercial Observer.

As the owner kept bringing the property on and off the market, he eventually found the perfect deal, which netted him $200-per-buildable foot.

“The owner was very shrewd,” said Mr. Davidson, in a statement. “He resisted the temptation to sell his air rights on several occasions after receiving unsolicited offers.”

The Hallmark store was at one point co-owned by The Curwin family under the name of Robar LLC, according to the Brooklyn Eagle. The store was opened in 1991. In 2003, co-owner Barry Curwin killed himself with a handgun inside the Hallmark store. He was 37.

drosen@observer.com